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Sep 10, 2012 3:00pm EDT
surprise. find out why straight ahead. plus, stock option. aig moving closer to getting out of the government's hands. former aig chief hank greenberg weighs in on what this means for the company. and the full monti. maria's market-moving interview with italy's prime minister. >> can you categorically say there will be no default? >> that and more is ahead on this special edition of the "closing bell." ♪ [ male announcer ] the first only the beginning. ♪ ♪ introducing a stunning work of technology. ♪ introducing the entirely new lexus es. and the first ever es hybrid. this is the pursuit of perfection. oh, hey alex. just picking up some, brochures, posters copies of my acceptance speech. great! it's always good to have a backup plan, in case i get hit by a meteor. wow, your hair looks great. didn't realize they did photoshop here. hey, good call on those mugs. can't let 'em see what you're drinking. you know, i'm glad we're both running a nice, clean race. no need to get nasty. here's your "honk if you had an affair with taylor" yard sign. looks good. [ mal
Sep 11, 2012 2:00pm EDT
exchange. bob, i want to bring up aig with you here, because we are seeing titanic volume. what is going on? >> weighed at the close, and that's what's important. the treasure successfully sold $18 billion in aig today. aig is buying part of that but going to be a much bigger float from aig. that means the s & p 500 is going to reweight aig answers weighting in the fund, means indexes have to buy a lot of aig. how much? various assessments but 50 to 55 million shares at the close is likely. aig has traded 200 million shares so that's going to be a big close for aig. meantime, as i have emphasized, the last four or five days, the risk on, back for the stock market. you could see people buying shares in japanese stocks, for example, nice volume here in the ewj the ewa is australian stocks, heavier-than-normal volume there gold has been heavy the last several days, volumes nice there the financial stocks, the xlf has had nice volume in the last several days. and those vix products, well, this one is a bet the volatility might go up, the vxx no the a good bet now. you can see this is being sold
Sep 11, 2012 4:00am PDT
received. the u.s. is selling its majority stake in aig. the treasury department plans to shed around $18 billion worth of aig shares. it's a big move for the government, which bailed out the troubled insurance company back in 2008. shares dipped about 62 cents on the news. overall this year, aig stock is up around 44%, a relief to shareholders now. during the financial crisis aig nearly collapsed. the federal reserve will take the reigns on regulating aig as soon as the government no longer holds the majority stake. black rock, the largest firm that offers exchange-traded funds, is lowering some fees. etfs are baskets of stocks traded on exhcanges such as the new york stock exchange. according to reports, black rock's etfs have been losing business from average investors who are turning toward vanguard group's less expensive etfs. one example, vanguard's msci emerging markets etfs cost nearly a half percent less than black rock's ishares etfs. toys r us is upping its game with a new tablet designed for's called the tabeo and will sell for $150 exclusively at toys r us stores
Sep 12, 2012 3:00am EDT
triumph? from the depths of the financial crisis, aig has risen to return to strength. as the government continues to wind down its share, the company has pulled in a profit for the taxpayer of over $15 billion to date. tonight, cramer's got an exclusive with the man behind the sale to hear more about its future. >>> and later, eur-okay? the market is holding its breath ahead of headlines out of the eu. but while others watch, cramer is developing a plan for action. tonight he is using the technicals to help find a path to profit in an all new edition of "off the charts." >>> plus, sorority stock? school is back in session, and tonight cramer is hitting the books to find out if student housing play campus crest communities should have a home in your portfolio when he talks with the ceo, just ahead. all coming up on "mad money." >> don't miss a second of "mad money." follow @jimcramer on twitter. have a question? tweet cramer, #madtweets. send jim an e-mail to, or give us a call at 1-800-743-cnbc. chances are, you're not made of money, so don't overpay for motorcycle ins
FOX Business
Sep 10, 2012 1:00pm EDT
? >> about the profit on aig? not at all. look ag the timing. teachers on strike in chicago even after a 16% raise. what this could mean for the mayor's future, and, by the way, we just heard from the mayor of chicago. nothing new. it's a strike of choice. plus, will we see the release of the strategic patrol yum rereceivers and help at the pump closer to election day? that's suspicious. we'll ask steven in a few moments. >> let's kick it off with a stock check. nicole, stocks waiverring back and forth. >> there's a lot happening that everybody's waiting for as well. of course, the federal market committee has a policy meeting wednesday and thursday. we find out more as they reveal their thinking these days. so much an anticipation for monetary similar -- stimulus. they are pulling back after last week's 215 point game. you have the bank stocks doing well. retailers and as far as energy, some of the services indexes higher, but take a close look at bp in particular. bp is selling off assets. $5.5 billion worth of assets. we are looking closely at this name. these are interesting some operat
FOX Business
Sep 10, 2012 4:00pm EDT
, the government announcing it is going to sell a big chunk of its remaining aig shares. it'll still be a big stockholder, but not a majority one. with just weeks to go before the election, some are questioning the motives behind the move. liz macdonald with that story. liz: plus, toys r us isn't playing around, the company is getting into the tablet business for kids. we've got the details next. [ male announcer ] wouldn't it be nice if there was an easier, less expensive option than a traditional lawyer? at legalzoom you get personalized services for your family and your business that's 100% guaranteed. so go to today for personalized, affordable legal protection. has oats that can help lower cholesterol? and it tastes good? sure does! wow. it's the honey, it makes it taste so... well, would you look at the time... what's the rush? be happy. be healthy. liz: time for a quick speed read of some of the day's other headlines. checking the scorecard, david's in the lead 2-1, but i feel like making it even. david: do it. liz: up first, microsoft opening 32 stores for the holiday se
Sep 15, 2012 12:00am PDT
american international group. a.i.g. was exposed to risky securities and provided insurance on credit swaps around the world. if it went down, the fear was other firms would follow. in october 2008, i asked edward liddy, who was the newest head of a.i.g., whether the lifeline would save the company. do you think that's going to be enough, though, the $120 or so billion, or might you need more? >> you know, i think so and i sure hope so, ray. it's very much a function of two things-- one, our ability to stop the bleeding that we have in the financial products areas, and we've made good progress in that. but it's also what happens to the capital markets. >> suarez: the final tally for a.i.g. would reach $182 billion as the government became majority shareholder. this week, the treasury department said it has recovered all of that money, plus a profit, as it reduced its stake in the company to 16%. white house press secretary jay carney. >> we have been committed to exiting those investments as quickly as practicable, but always with a mind to taxpayer interests. it's safe to say that the pres
FOX Business
Sep 10, 2012 9:20am EDT
, charles, bye. charles: and uncle sam stakes in aig, what are the shares. >> they are he' down 18 billion dollars so they're selling the u.s. treasury department, right? this is all our taxpayer dollars remember when aig was saved back in the financial crisis, so, they will he' be now not having that majority and move into a minority stake, a minority share and so, right now, it's down 1.8% for aig. so, it's big news every time they sell off some of their, the treasury's holdings were aig, it makes news of course, because those are our taxpayers dollars. charles: thanks a lot and also big news, back to the chicago teachers strike and 400,000 students out of school because teachers unions will not agree to merit pay and this is after mayor rahm emanuel offered them a big raise. a former investment banker and joins the company. carol, tell us about business, how hard is business going to be hit by thfrjts well, charles, i think it dehe pends how long this goes on for. if this is a one-day thing, i don't think that anybody believes it would be. it's sort of the same as an emergency day, but
Sep 10, 2012 9:00am EDT
? >> the u.s. treasury slashing its stake in aig, becoming a minority shareholder for the first time since the financial crisis again. what it means for you, the taxpayer, in just a moment. we have to start with the markets, coming off a week in which the s&p 500 settled at its highest level since january 2008, the s&p and nasdaq posting their best weekly gains in three months. and the dow logging its best week since july 27th. friday's weaker than expected jobs report. >> you have to have the federal reserve say, we'll have your back. it may be announcing something that i think has eluded us so far. i've not heard anything new and interesting. we have rates pretty low in this country. and then the german supreme court, this is a complete black box. who knows? >> i wonder how much people are going to choose to focus here, the institutions, the hedge fund managers, it's conference season, we're back to work. i wonder if that kind of stuff becomes so murky and difficult to analyze, maybe you just push it off as we seem to with europe overall. draghi saying good things. >> so you push off pot
Sep 10, 2012 2:30pm PDT
. the white house announced it will sell stock and aig to the tune of $18 billion -- sell stock in aig to the tune of $18 billion. the sale will bring the government's stake in the insurer down to 20%. aig still owes u.s. taxpayers about $23 billion. >> he has already said he only has a slight chance of doing any better than his predecessor. lack gardini -- lackdar brahimi has begun his job. the veteran algerian diplomat has reached -- has worked for peace in numerous crisis areas. this will probably be his hardest assignment. >> for many, he represents a last chance for peace. he is in cairo, talking to the arab league. most delegates agreed that the bloodshed must be stopped. but everyone is acutely aware of how little power the arab league has to intervene. syrian activists in cairo say that is just not good enough. for seven days, they have been on a hunger strike. they say they are prepared to keep going. >> we are waiting for action. we have had enough of diplomatic rhetoric. we need action. >> but for now, international intervention looks highly unlikely. brahimi says no miracle
Sep 28, 2012 4:00am PDT
stakes in gm and aig on the books. do you buy or sell those stocks? > > the first thing i want to point out is tarp made money, and a lot of money. they put $245 billion into the banks, and they've gotten $266 billion out already, and they still have $10 billion on the books. > > they have no business making money off this. it's not a central bank policy tool. > > do not sell gm at a loss right now. we can afford to wait. we have a little bit of a cushion to wait to see if it comes back up. > > i'm going to stand up and be counted. i still own aig. i'm embarrassed to say that my break-even is about $85 a share, but i'm not the u.s. government. > > that wasn't a trade, that was an investment. because it went against you, you didn't have an exit plan. but, looking at the charts, i think aig is at its highest essentially for the year, whereas gm is finding a good, solid support base at $20. and i believe in america. i don't know about you. > > i believe in america as well, but america has no business using the stock market as a central bank policy tool. it sounds like you do. > > it makes
FOX Business
Sep 10, 2012 11:00am EDT
: for the first time since we bailed out aig, the government, that means you will not be the majority shareholder in that company. it's the top of the hour. right now stocks now and every 15 minutes. nicole petallides on the floor at the new york stock exchange with again getting out of aig or trying to get out of it. nicole: right, dagen and connell. goes back to 08 the financial crisis and t government bailed out aig. today here what we're seeing is the u.s. treasury department is now planning to sell 18 billion dollars worth of stock. and then that moves them from a 53% share to a 20% share. that no longer a majority shareholder. this is a big deal for obviously american taxpayers and aig too. 1.7% is to the down side right now. i want to do a broad market check here for you right now. the major market averages are slightly to the down side. the s&p is down 1/10 of 1%. the nasdaq composite though is down a full half of a percentage point. but you have names hitting new highs like apple and google. back to you. dagen: thanks nicole. connell: here we go after a five week break, great news today,
Sep 11, 2012 4:00pm EDT
for aig now that the government is no longer a majority shareholder? i'll be talking to the boss. >>> also with us, former new york city mayor rudy giuliani. this market rallying on wall street. the stock market rebounding after the losses yesterday. the dow up for the fourth time in the past five trading sessions. it is closing just shy of the highest level in nearly five years tonight. optimism that the federal reserve is going to be there lane take new steps to stimulate the economy and we'll get the news this thursday. take a look at how we're settling on wall street. 571 million shares traded at the big board. nasdaq picked up a fraction. just about where it opens, 3104. once again, money moving into financials today as the momentum continue there is. stocks higher as investors eye key government decisions this week from both sides of the atlantic. for example, tomorrow jgermany' top court is handsing out a decision on whether europe legally bailed out countries. then here at home, the federal reserve kicks off a two-day meeting on interest rates wednesday and thursday. here to help u
Sep 19, 2012 6:00pm EDT
. he says #madmoney, "am i diversified?." and he's got apple, amazon, aig, nike, jpmorgan. this guy's got a lot of my -- thanks for helping out the little guy. you're quite welcome. let's take a look at this. jp mortgage, one of the largest banks. amazon a retailer. aig, this insurance company, this is technology, apple. and obviously that's sporting goods, shoes. all right. i am going to say that you can't own both jpmorgan and aig. that is not diversified. i think gentleman needs a health care company, and therefore i am going to add -- we just praised pfizer. let's give him pfizer, a little more balance there. and i would prefer to sell jpmorgan to aig. let's go to andrew in texas. andrew? >> caller: boo-yah, jim. >> boo-yah, andrew. >> caller: all right. i've got apple, aapl; bristol-myers, bmy; glb, aig, and wells fargo, wfc. >> let me take a look at this. oh, boy, a lot of controversy here. aig and wells are financials. we can't own two financial, even though one is insurance and one is a bank. what a tough call. i'm going to say sell the wells and keep the aig. i'm going to g
Sep 11, 2012 1:00pm EDT
of aig stock, titanic volume in aig today. we are close to 200 million shares in aig so far. it is going to get bigger because aig, because government has sold its share, there's a bigger float now, a public float. that means that the indexers are going to have to buy more aig. the s & p 500, at the close, aig reweighed. its weighting is going to essentially double. you will see very big volume at the close. this is speculation. but indexers are going to have to buy a lot of aig stock to account for the new weighting in the s & p 500. gulf you more figures at 2:00. >> sounds good bob, thank you very much. >>> to jackie deangeles for a market flash. yaki? >> thanks, sue. want to look at shares of groupon. more than 6% pop in the stock today. a susquehanna analyst is pointing to con score data for this, showing an increase in traffic to the site, a plus 7% increase we saw in august compared to a 9% decline that we saw the previous month. so, as you can see, they are up 6.67% at $4.55. tyler? >> jackie, thank you. a new york city judge ruling that twitter has to hand over tweets from an occ
Sep 10, 2012 4:00am EDT
will head to houston for a discussion of the sale of $18 billion worth of aig shares. a move that would make the u.s. government a minority shareholder. >> the world's second largest economy is slowing according to data released over the weekend. china's trade surface widened after an unexpected drop in imports. on sunday industrial production figures showed the country's factory production expanded at its slowist race since may 2009. soybeans and copper also slipped from a month earlier. the man widely expected to become china's next president is pushing for greater political economic reform. local reports say he met and is partially open to relaxation of political controls. chief china economist joins us now for a bit more on these figures. just give us your overall impressions of how bad this slowing pace of growth looks. >> it's very weak data. suggests a contraction of imports year on year. suggests domestic demand weakened and exports will continue to weaken. >> i know you've revised down the next few periods. so run us through those numbers. >> in the very short time, september activi
Sep 10, 2012 4:30am PDT
are your tech bites. >>> new this morning, u.s. treasury department selling more of its shares of aig that will decrease holdings and the move should bring the government's stake in the company below majority stake for the first time since the 182 billion dollar bailout in 2008. aig nearly collapsed until the government bailed them out. >>> there will be something missing from lunch trays in one part of the bay area today, meat--- meatless mondays. part of an international movement that began in 2003 designed to educate students about the health benefits of eating less meat. officials admit it could take a while to get students used to the vegetarian menus. >>> the terror warning from the feds ahead of tomorrow's september 11th, anniversary. >> bay area marks another tragic milestone how san bruno residents are remembering the 2010 pipeline explosion. >>> a tornado wreaks havoc in new york. >>> did you get that? the newest dance craze sweep being the nation. we'll tell b [ female announcer ] now get high speed internet at home on our newly expanded advanced digital network, a connecti
Sep 10, 2012 4:00pm PDT
. >>> taxpayers, get ready to celebrate. you are on track to make money on aig. the u.s. government is close to shutting its stake in bailed out insurer, aig, which woulbring american taxpayers' take to 23%. last week at the democratic convention -- but the map looks better and better because right now, if the government were to sell all of their stake, they've got to do it before they make money, but right now, aig is trading near $35 a share. as long as they sell above $28.73 a share, we all are making money. u.s. taxpayers put about $182 billion into aig at the beginning. people thought they'd never get that back, but now, it most certainly appears they will. >>> it has been 403 days since the u.s. lost its top credit rating. today, we got bad news. consumer credit fell in july. that's way off the $10 billion increase economists predicted. consumer credit had been a source of good news. i'm going to give you the other side of that. when there's less credit, it means there's less borrowing and maybe there's a silver lining. >>> and now, our third story. we have breaking news right now on t
FOX News
Sep 10, 2012 1:00pm PDT
a policy that has been created that. >> always good seeing you. thank you. >> aig wins. >>> reaction right now from the president announcing he sold aig stock. making the tax pier minority shareholders for the first time since the financial crisis. this doesn't justify that then now or ever. we are celebrating weaning ourselves from the government but the sad commentary is there. >> i agree. i have spoken historically on the show about the fact that the government is involved in any sort of financial bailout is the wrong decision as well as any of the other decisions in venture capital arena. >> go baby go. >> look, at this point i am saying go baby go. i want to rewind the clock a bit and say they should have never gotten into the equity arena and bail out business. as much as i say they shouldn't be in the business of venture capital arena with the likes of solyndra. they have never historically been in the business of bailing out companies. >> started with a republican president. i worried about the slippery loep effect. you did as well. it is what it is. they are back up and running th
FOX News
Sep 28, 2012 1:00pm PDT
? remember the meltdown? not everyone is cooled down. g.e. and a.i.g. may need to stay after class because the books do not look too classy and they could be vulnerable if there is another downturn. that enmews the treasury demands they set aside more cash or lower risk exposure. charles gasparino is here on what that might mean. >>guest: it is g.e. capital which almost put the whole firm unback in 2008 because of their risky investments and people pulling money out. if the government did not bail them out they could not have paid their employees. >>neil: does this mean they are exposed again in in this case? >>guest: a.i.g. was one of the causes of the federal crisis, they insured all the ricky assets on the books of the big banks so it was on the hook to recover them. if it could not cover them, right, they would be, maaed down, and the behalves would go out of business. >>neil: do you thing we can have another meltdown? >>guest: you never want to say no. europe is a problem. they have a lot of problems. >>neil: as much exposure? >>guest: no one knows. our banks today, including a.i.g. t
Sep 10, 2012 5:00am PDT
and conducted by hard rinse ter active. >>> new signs the -- insurance giant aig is back on its feet, treasury department selling more shares of aig the move should bring the government's stake in the company below majority stake for the first time since the 182 billion dollar bailout in 2008. the treasury department is selling 18 billion dollars of aig shares the insurance company says it will buy back five billion dollars worth. aig nearly collapsed in 2008 until the government bailed them out. >>> something missing from students' lunch trays today. meatless mondays go into effect in pleasanton. the novato district takes part in the program part of an international movement that began in 2003 designed to educate students about health benefits. school officials admit it could take a while to get students used to the new menu on mondays. >> so it won't taste just like chicken. >> definitely not. >>> next, hope for struggling homeowners when it comes to refinancing. bloomberg business report, next. >>> bay area marks another tragic milestone how san bruno residents are remembering victims of th
Sep 30, 2012 11:30am EDT
and more than four years after aig's bailout a committee of all the major federal regulators still needs to designate other nonbanks that cause risk and merit tough scrutiny. it is a club nobody wants to join. >> peter: for more on the continuing battle over financial rules and what is left to do, i'm joined by bloomberg government's senior economic analyst nila richardson and katie north. you spent a lot of time tracking this. where do we stand with dodd frank? how much is done? >> excluding the housing reform and many of the consumer financial protection bureau issues we are halfway -- almost to the halfway point on implementing this. 20% has not been introduced yet. we've seen in our analysis at bloomberg government really it has to do with financial stability issues. if you ask me what that means, that means looking at the rule, looking at areas where the providing cushions and safeguards for banks through capitol requirements and a few of the other requirements that are meant to provide safeguards. >> peter: one of the big ticket items is the mortgage reform. the housing crisis star
Sep 18, 2012 5:00am PDT
. the following day the government bailed out aig and a huge money market fund traded below $1 per share. then the first version of park was submitted an overnight goldman sacks and morgan stanley became bank holding companies. all of these events were in one week, it was crazy. >> where do we stand now? >> the economy and the banking system are no longer perched on the press of this of disaster. not so good, the recovery continues to be slow going. that is why last week the fed announced the measures for economic growth. at the center of the financial crisis, housing. the jobs market is feeling but at a snail's pace. park turned out into a very different plan, the aig commitment of 85 actually went up to $182 billion. amazingly, the treasury says it will probably recouped all of the bailout money from aig but not so rosy for fannie mae and freddie mac or gm. those companies 0 the government over $160 billion. stocks are trading about 15-20% higher today but that does not mean you should be complacent. on monday watch we highlight investment portfolios for all seasons. now is a great tim
Sep 6, 2012 6:30pm PDT
electric is at a new 52 week high, up 3.2%. one financial stock left out of the rally today was a.i.g. the insurer still is majority owned by the u.s. government, thanks to the bailout four years ago. shares fell 1.7% after announcing plans to sell more of its stake in its asian life insurance business. it's the third time a.i.g. has as part of that effort, a.i.g. okayed a $5 billion stock buyback. that would likely cut the government's stake to less than 50%. we saw more evidence of the growing men's clothing business; this time, from men's wearhouse. earnings were stronger than expected, and it raised its financial outlook for the year. shares responded by jumping 18.7%, rallying on nine times normal volume. the stock has now made up what it lost in early june when it tumbled after a disappointing outlook. just last week, joseph a. bank clothiers turned in its own stronger than expected quarter. shares continued climbing today, up 3.1%. the new c.e.o. at semi truck and engine maker navistar laid out his new road map for the company. the turnaround plan concentrates on navistar's nor
Sep 10, 2012 6:00am EDT
of its shares in aig. the government launched a $182 billion bailout of the major insurer back in 2008. aig says the treasury department is selling $18 billion worth of its common shares to institutional investors. aig received the biggest of the wall street bailout packages. >>> get ready to hear a lot of ads asking questions like are you falling asleep after dinner? the advertising claims are that you could have low t. the hittest big marketing push by the nation's drug companies are for testosterone treatments. jeels, and injections aimed at boosting the male hormone that begins to deline after the age of 40. the question remains of when these actually work. >>> our time is 6:08. in five minutes hear from the navy seal involved in the raid that killed osama bin laden. learn the weird thing he did when he came home from that important mission. >>> it is a brisk, refreshing start out there. temperatures in the 50s and 60s, depending on where you are waking up. howard says a beautiful day is coming your way. >>> but first be careful when you google emma watson. the harry potter actress
Sep 10, 2012 6:00am EDT
. >>> and treasury announcing it will sell most of its stake in aig, the move will make the government a minority investor for the very first time since rescued the company can during the financial crisis four years ago. treasury was expected to sell stock this month, but analysts say the makingfully tud of the planned 18 month offering is a surprise and as joe was mentt before, questions about whether politics are involved here ahead of the elections. but i got to tell you, at today's market price, they'll make money. the price to beat i think is $28.73 and we're trading awroun $33. >> thinking about hank greenburg an what he thinks. but what got them in trouble, andrew, and that was all the insurance that connecticut unit was writing without putting down any reserves. did they not have to pay off on those? did they unwind the credit default swaps or -- >> i don't think many of them ended up having get paid. some, but very little. >> so that was what was going to sink them. so if those didn't get paid off, then the rest of the company was still pretty -- it was that unit that was causing all the
Sep 11, 2012 4:00am EDT
. no longer a majority stake holder in aig. a sign the country may be emerging from the shadow of 2008. burberry shares trading lower. down 18.5% after the company warped full year profits will be at the lower end of market forecasts. in a statement the luxury goods maker blamed slowing store sales on the challenging external environment. burberry is expected to pose pretax profits. remarkable. we have seen competent it tors similarly cautioning about slowing trends lately, but as you can see, across the sector, down will in the range of 3%, 4% after burberry warns and are more cutting the outlook for the company. >> and it does seem like a big move to the down side for what's not a very dramatic statement. i mean, they were saying that their store based sales are going to be the bottom end of market expectations. they said chinese stores showed a slowdown, anytime they talk about the chinese business slowing down, it does have a big imapact on the stock. this appears to have happened in the first quarter and it's a concern that this is happening in a more determined way through to the
Sep 16, 2012 8:00am EDT
. >> of the auto companies? >> no. >> of the bailout of aig? >> no. i was in favor of keeping greenberg head of aig. i mean, he could have offered actual oversight and prevented the $2.7 trillion of credit default swaps. >> it seems to me -- >> that was overregulation of aig, not underregulation. >> well, will raising taxes on rich people, raising the capital gains tax make our capital markets operate better? [laughter] >> no. >> will raising the dividend tax make our economy work -- >> no. >> will imposing a 3.2 excise tax on medical instruments make our -- >> right. no. [laughter] okay. last question, if i could. we were supposed to overcome all of these problems with wall street that we've been talking about, the problems with my climate with the dodd-frank bill. in your opinion, did that bill accomplish what it was supposed to do, or has it actually made wall street a worse place? >> no, it makes increst legal. >> thank you. thank you very much. [laughter] [applause] >> and with time to spare. wow. you guys should take it on the road. that was like vaudeville. [applause] >> all right, mr. frank
FOX Business
Sep 11, 2012 11:00am EDT
at aig. nicole? nicole: for somebody who had a diet coke for breakfast, i'm not going to those countries any time soon. the number one mover at the new york stock exchange, aig. right now you can see it 33.05 is where it is trading right now, down 3/4 of 1% today. one of the reasons why we're watching aig today, yesterday of course we watched it as we learned that the u.s. treasury was going to be dumping out of it. today we are learning more about that. also s&p is revising their outlook on aig to negative from stable. this comes on the heels of the fact that they announced that they are going to sell up to -- almost 21 billion dollars worth of aig common stock, and they will be reducing their ownership to less than 20% from a -- right, they had 53% earlier. so this is big news for taxpayers and of course aig which is selling off. back to you. connell: all right nicole see you in less than 15 minutes. speaker of the house boehner saying today that he's not confident at all that something can get done in terms of the fiscal cliff and now he's been pointing the finger at president obama a
Sep 3, 2012 12:00pm EDT
brothers was selling them. aig was selling them. you know, the names we hear that are in trouble--citigroup was selling them. >> these investment banks were not only selling the securities that turned out to be terrible investments; they were selling insurance on them? >> well, it made it easier to sell the terrible investments if you could convince the buyer that not only were they gonna get the investment but insurance. [ticking] >> coming up, defending credit default swaps. >> these people understand the nature of these products. they understand-- >> well, obviously, they didn't, or they wouldn't have bought them. they wouldn't have used them. that's ahead when 60 minutes on cnbc returns. for over 60,000 california foster children, having necessary school supplies can mean the difference between success and failure. the day i start, i'm already behind. i never know what i'm gonna need. new school, new classes, new kids. it's hard starting over. to help, sleep train is collecting school supplies for local foster children. bring your gift to any sleep train, and help a foster ch
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